Things you can see from the Lock Screen:
Time, Date, Day, Next Alarm
Weather Information
Media buttons (previous, play, pause, next), this automatically shows if you have a song playing..
Missed calls, New SMS notice

Things you can customize on the Lock Screen
Full Screen (hide the status bar…)
Lock screen Wallpaper (Live wallpaper now supported)
To show/hide missed calls contact, new sms contents
Own custom icon selection
Screen timeout
Unlock sound, screen off sound
Disabling Default Home Button function, Long press Home Button to launch recent apps
Weather update interval and other settings
And many other customizations